U S Bank

Village Place, a 112-unit senior affordable housing apartment complex, is now under construction in the Flagler Village neighborhood in Fort Lauderdale and is expected to be finished this summer. U.S. Bank announced Tuesday that it had closed on a $38.6 million financing package for the six-floor building that will include 82 one-bedroom apartments, 30 two-bedroom units, a swimming pool and a fitness center. Ground breaking will be 1 p.m. Wednesday at the midrise building now being built at 720 NE 4th Ave. "It's an absolutely beautiful building," said LaNita Singleton, project manager for the South Florida-based Housing Trust Group that is constructing Village Place.

Village Place, a 112-unit senior affordable housing apartment complex, is now under construction in the Flagler Village neighborhood in Fort Lauderdale and is expected to be finished this summer. U.S. Bank announced Tuesday that it had closed on a $38.6 million financing package for the six-floor building that will include 82 one-bedroom apartments, 30 two-bedroom units, a swimming pool and a fitness center. Ground breaking will be 1 p.m. Wednesday at the midrise building now being built at 720 NE 4th Ave. "It's an absolutely beautiful building," said LaNita Singleton, project manager for the South Florida-based Housing Trust Group that is constructing Village Place.

The number of U.S. banks considered troubled and problematic by bank rating company BauerFinancial rose 40 percent last year, up to 1,026 from 732 on Dec. 31 a year earlier, the Coral Gables company said Thursday. The company rates U.S. banks on a scale up to five stars. Banks earning two stars or below are considered troubled and problematic, BauerFinancial said. Federal regulators shut down 140 banks last year and expect to close more this year, largely because of problem loans made during the real estate boom that are not being paid on time in today's slump.

The number of U.S. banks considered troubled and problematic by bank rating company BauerFinancial rose 40 percent last year, up to 1,026 from 732 on Dec. 31 a year earlier, the Coral Gables company said Thursday. The company rates U.S. banks on a scale up to five stars. Banks earning two stars or below are considered troubled and problematic, BauerFinancial said. Federal regulators shut down 140 banks last year and expect to close more this year, largely because of problem loans made during the real estate boom that are not being paid on time in today's slump.

The summer is ending with a banking blockbuster: Chemical Banking Corp. and Chase Manhattan Corp. agreed on Monday to merge in a $10 billion deal, the biggest in U.S. history. The marquee merger will create the largest U.S. bank with $297 billion in assets concentrated mostly in the Northeast. A motive for the merger is annual savings of $1.5 billion, created by dismissing 12,000 employees - 16 percent of the 75,000 workers at the two banks. The wave of big bank mergers, which began this summer, is expected to gain momentum as barriers to interstate banking drop this fall.

NEW YORK -- In order to avoid federal prosecution, the closest friend and confidante of former dictator Ferdinand Marcos has agreed to turn over to the Philippines a Los Angeles bank that federal prosecutors say he created to launder funds for the late Philippines leader, The Los Angeles Times has learned. According to previously undisclosed terms of the unusual settlement, ownership of California Overseas Bank will be transferred to the Philippines government in exchange for the United States` dropping racketeering and conspiracy charges against fugitive bank Chairman Roberto S. "Bobby" Benedicto.

Michele Sindona, mastermind of the biggest bank failure in U.S. history and the man who shook the Vatican`s financial empire, died Saturday three days after swallowing cyanide in his prison cell. Officials said it was still not clear whether Sindona killed himself or was murdered. Carabinieri military police armed with submachine guns and wearing bulletproof vests were stationed outside the morgue where Sindona`s body was held, awaiting an autopsy. Sindona, 65, died from cardiac arrest between 2:10 p.m. and 2:14 p.m., hospital officials said.

Two dollars out of every $10 loaned to American businesses now comes from foreign banks. That`s because, say a chorus of bankers and conservative observers, U.S. banking laws are light years behind the times. I think they`re right. And I think Congress must take steps this year to correct this situation or face a further erosion of the already weak U.S. position in world markets. FOREIGN BANKS HAVE ADVANTAGE At the heart of the issue is the 1933 Glass-Steagall Act, a law that strictly limits what kinds of business commercial banks can engage in. Glass-Steagall was born in the Depression when Congress determined that banks had overinvested in the stock market and other commercial enterprises.

Citigroup Inc. and Bank of America Corp., the two biggest U.S. banks by market value, said second-quarter earnings rose, driven by consumer demand for mortgages and credit cards. Their shares rallied as both companies exceeded analysts' profit forecasts. Citigroup raised its quarterly dividend 75 percent, lifting its annual payout by more than $3 billion. The banks had record revenue as borrowers took advantage of interest rates that reached 45-year lows. While lending to individuals accounted for more than half of their earnings, each also got a boost from gains in stocks during the quarter.

There's a lot at stake in Florida and elsewhere in the legal battle between banks and credit unions. Millions of people use credit unions as a substitute for banks. They use them for checking, saving and loans. Many people consider credit unions to be a better option than banks. Fees are often lower, interest rates paid to members are often slightly higher and the interest rates charged are sometimes slightly lower. This popularity has enabled credit unions to move far beyond their original function of providing a place to save and borrow for a company's employees.

The number of U.S. bank failures in 2009 is quickly careening toward triple digits, the most since 1992. The record high for a year was 1989, when 534 banks collapsed as part of the savings and loan meltdown. But the 84 failures so far this year already have more combined assets than the 534. "We need to be very worried about this problem," said Olivier Garret, chief executive of Casey Research, an investment research firm based in Vermont. Still, bank failures aren't causing as much angst as they used to, industry analysts say. The Federal Deposit Insurance Corp.

Citigroup Inc. and Bank of America Corp., the two biggest U.S. banks by market value, said second-quarter earnings rose, driven by consumer demand for mortgages and credit cards. Their shares rallied as both companies exceeded analysts' profit forecasts. Citigroup raised its quarterly dividend 75 percent, lifting its annual payout by more than $3 billion. The banks had record revenue as borrowers took advantage of interest rates that reached 45-year lows. While lending to individuals accounted for more than half of their earnings, each also got a boost from gains in stocks during the quarter.

Confusion about the U.S. banking structure and fear of deportation has led many Latin American immigrants to spend a high percentage of their wages in fees to send money back home, a survey released Friday said. Money sent from the United States to Latin America and the Caribbean could reach $25 billion this year, the survey said. But the money spent to move that kind of cash may be as much as $3 billion, or 12 percent, according to the Inter-American Development Bank, which released the survey along with the Pew Hispanic Center.

Bank of America Corp. Chairman and Chief Executive Hugh McColl retired Wednesday from the company he ran for two decades, saying the merger that was the capstone of his career had brought "pain and suffering" to shareholders and employees. McColl quadrupled the size of his bank during the last decade by buying rivals across the country. The purchases culminated with the $42.8 billion merger between McColl's NationsBank Corp. and San Francisco-based BankAmerica Corp. in October 1998. The combination, which created a bank with more deposits than any other in the United States, took "a great toll, both physically and emotionally," McColl told shareholders at bank's annual meeting in Charlotte Thursday.

In its first significant transaction in a dozen years, SunTrust Banks said Monday that it has agreed to acquire Crestar Financial for $8.4 billion in stock. The deal, which is subject to the approval of Crestar shareholders and federal regulators, will create the nation's 10th-largest bank holding company, with assets of $87.6 billion. From its headquarters in Atlanta, Suntrust oversees operations in Florida, Georgia, Tennessee and Alabama. Over the past few years, it has remained on the sidelines as large regional bank competitors like First Union and NationsBank have greatly expanded their size and scope through highly publicized, highly priced mergers and acquisitions.

The following is our monthly roundup of some major business deals in Latin America and the Caribbean, South Florida's biggest international trading partner. Information came from interviews, company statements, Bloomberg News and Sun-Sentinel wire services. FINANCE * BankBoston Corp.'s investment banking arm opened shop in Argentina and plans to lend $150 million to small- and medium-size companies in the next three years. The BancBoston Capital office will serve as headquarters for the Mercosur trade pact, which includes Brazil, Argentina, Uruguay and Paraguay.

NEW YORK -- Four of the 10 most profitable major banks in the world are U.S. institutions, according to a ranking by the London-based rating agency IBCA Ltd. The four are Banc One Corp., State Street Boston Corp., Bankers Trust New York Corp., and Norwest Corp. They were ranked second, fourth, eighth, and ninth in profitability. Madrid-based Banco Popular Espanol was ranked as the world`s most profitable. IBCA calculated profitability for the world`s 300 biggest banks, as measured by assets.

Bank of America Corp. Chairman and Chief Executive Hugh McColl retired Wednesday from the company he ran for two decades, saying the merger that was the capstone of his career had brought "pain and suffering" to shareholders and employees. McColl quadrupled the size of his bank during the last decade by buying rivals across the country. The purchases culminated with the $42.8 billion merger between McColl's NationsBank Corp. and San Francisco-based BankAmerica Corp. in October 1998. The combination, which created a bank with more deposits than any other in the United States, took "a great toll, both physically and emotionally," McColl told shareholders at bank's annual meeting in Charlotte Thursday.

There's a lot at stake in Florida and elsewhere in the legal battle between banks and credit unions. Millions of people use credit unions as a substitute for banks. They use them for checking, saving and loans. Many people consider credit unions to be a better option than banks. Fees are often lower, interest rates paid to members are often slightly higher and the interest rates charged are sometimes slightly lower. This popularity has enabled credit unions to move far beyond their original function of providing a place to save and borrow for a company's employees.

The summer is ending with a banking blockbuster: Chemical Banking Corp. and Chase Manhattan Corp. agreed on Monday to merge in a $10 billion deal, the biggest in U.S. history. The marquee merger will create the largest U.S. bank with $297 billion in assets concentrated mostly in the Northeast. A motive for the merger is annual savings of $1.5 billion, created by dismissing 12,000 employees - 16 percent of the 75,000 workers at the two banks. The wave of big bank mergers, which began this summer, is expected to gain momentum as barriers to interstate banking drop this fall.